Tribune Granted Approval of Motions on Pay, Benefits and Other Items
Employee Payroll and Health Benefits Continue Uninterrupted
CHICAGO, December 10, 2008 -- Tribune Company today announced that the United States Bankruptcy Court for the District of Delaware has approved all of the First-Day Motions submitted by the company on December 8, 2008. The rulings enable Tribune to continue to operate its businesses in the ordinary course, including:
- Maintaining employee payroll and health benefits,
- Continuing Tribune’s pre-bankruptcy cash management system, and
- Honoring customer programs
The court also approved Tribune’s request to maintain its existing securitization facility. In addition, under the authority of the Bankruptcy Code, Tribune continues paying its vendors/suppliers for post-filing goods and services.
"We are pleased that the court approved our 'first-day' motions, enabling us to continue to operate smoothly," said Chandler Bigelow, Tribune’s chief financial officer. "We are committed to publishing our newspapers and running our television stations, websites and other businesses, serving our communities and delivering results for our customers -- just as we’ve always done.
"For more information on the filing, visit Tribune.com or http://chapter11.epiqsystems.com/tribune, or call 888/287-7568. The company will provide updates regarding the restructuring process as new information becomes available.